IVA (Individual Voluntary Arrangement)

The majority of our IVA customers could end up paying back less than 50% of their unsecured debts*

That's not all - choose an IVA with Debt Free Direct and you won't pay upfront fees.

What is an IVA?

If you have more than £9,000 of debt an IVA, or Individual Voluntary Arrangement, may be the right option for you. It’s an alternative to bankruptcy that could write off up to 65% of your debts; taking a huge weight off your shoulders and putting you back in control.

How long does an IVA last?

An IVA typically lasts for five years, but it could be up to six years depending on whether you can release equity in your home. However, no matter how long your IVA lasts for Debt Free Direct will be with you at every step of the way.

We’ll carry out regular reviews of your IVA to make sure that you can always afford your payments and, if times do get tough, we can even put you on a payment break. It’s this flexibility that sets us apart and means you always have our support.

How much does an IVA cost?

An IVA comes at a standard cost, but with Debt Free Direct, you won’t pay any upfront fees. You’ll simply make one monthly payment, which could be as low as £100 and includes our fees, set at 17% of your debt.

Also, because we believe that you should be free to enjoy your life while you’re in an IVA, we’ll make sure that your monthly payment won’t leave you short of cash. When you speak to us we will go through your income and expenditure to ensure we properly understand you because one size does not fit all. It takes all your outgoings into account, from your utilities to your food bills and even the cost of running a car. So as well as getting your finances back on track, you’ll soon begin to feel like You Again.

What’s different about an IVA with Debt Free Direct?

As we’ve already mentioned, Debt Free Direct don’t charge you upfront fees and will always ensure that your monthly payments are manageable. But that’s not all we do.

Our Money Savings Team will also help you to find more disposable income. This could be by reducing your utility bills or claiming back money that you’re entitled to, such as PPI.

We’ll also always be here to listen to you, and when you need a helping hand we’ll provide it by arranging a payment break, or putting you in touch with qualified debt counsellor. In short, we don’t just want you to get out of debt - we want you to get on with your life.

*Since 2011 over 50% of the IVA proposals approved by creditors estimated that more than 60% of the unsecured debt owed would be written off upon successful completion. This is an indication based on the initial offer approved by creditors for 8,584 IVA’s entered into via Debt Free Direct Limited. Debt write off only occurs where an IVA completes successfully. If your circumstances change during the term of your IVA, the amount you will repay may also change. This may also impact the amount of debt write off upon successful completion.

What is an IVA?

What is an IVA

An IVA is a legally binding agreement between you and your creditors to lower your repayments, freeze interest and reduce creditor chasing.

How an IVA works

How an IVA works

Find out how you could be on the road to controlling your unsecured debt with an IVA.

Is an IVA right for me?

Is an IVA right for me

There are a number of criteria you must meet before you take out an IVA. Discover here if you meet the qualifying criteria.

IVA fees

IVA fees

Our fees for setting up and managing your IVA are agreed with your creditors and adhere to IVA protocol.